The man who salvaged the reputation of the Millennium Dome today sold a majority stake in one of the UK’s biggest leisure companies to property giant Land Securities for £111.9 million.

French entrepreneur PY Gerbeau — parachuted in after the Dome’s disastrous opening — became chief executive of X-Leisure more than a decade ago, building up a £600 million portfolio including West India Quay in Docklands and Finchley’s Great North Leisure Park.

Land Securities is paying for the whole of the management company, which runs its 16 assets, as well as a 54% holding in the X-Leisure unit trust, making it one of the UK’s biggest leisure owners. Gerbeau, who had a significant stake in the company, refused to say how much he made from the deal but is looking for a new challenge.

“I’d like to do another big turnaround,” he said. “It’s been 10 years and a great adventure but the main thing is that the staff have been taken care of and they have an opportunity with one of the biggest Plcs in the country.”